Aug
11

Online Shoppers Beware of Overpayment Scams

Online shopping has opened the door for endless possibilities, and unfortunately they are not all good. When shopping online, it is not only the buyer who should beware of scams, but also the seller. There are scams known as overpayment scams, which target the seller of online merchandise.

The scam will often times go as followed: once a seller has put their product on an auction site, a buyer will contact them and offer to use an official bank check, a personal check, or a money order to pay for the product. At the last minute of the transaction, the so-called buyer will make up an excuse for writing the check for more than the agreed upon price of the product, and ask you to wire back the difference after you have deposited the check in you account.

You then deposit the check into your account and wire the remaining money to the buyer. Sometime later you discover the check has bounced and now you are left liable for the entire amount of the check. This is because the check was a counterfeit check, but was good enough to fool bank officials depositing the check.

But there are a few ways to avoid the overpayment scam when dealing with online consumers. It always helps to know the person you are selling your product to. This just makes it easier to trust that you will receive your money owed. If a check is your accepted form of payment, avoid accepting a check that differs from the price of the merchandise. No matter how tempting it can be do not make the deal. This protects you in every form. As a seller, you may also want to look into another form of payment altogether

These would be the best things for any seller to do when selling items online. Beware and avoid the overpayment scam at all costs.